Kotak Mutual Fund suspends subscription in NASDAQ 100 Fund of Fund

Kotak Mutual Fund has temporarily suspended the subscription of units Kotak NASDAQ 100 Fund of Fund, an open-ended fund of funds investing in units of overseas ETFs and/or Index Fund based on the NASDAQ 100 Index.
The fund house informed about this to its unitholders through a notice-cum-addendum.

The changes will be effective from March 27.

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The fund house said that this move comes to avoid a breach of industry-wide overseas limits as allowed by RBI with effect from March 27, 2024.

The addendum stated that the aforesaid suspension is temporary and will continue only till further notice in this regard.

Particulars

Impact

Subscription — Lumpsum / Switch in

Shall not be accepted effective from March 27, 2024. However, units may be allotted where the purchase or switch in transaction was processed/time-stamped prior to March 27, 2024.

Fresh Systematic Registration (including systematic transfer plan/Dividend Transfer Plan into the scheme
Shall not be accepted effective March 27, 2024

Installments of Systematic Investment (SIP)/Transfer Plans (STP)/Dividend Transfer Plan (DTP) into the scheme existing as on March 26, 2024
Existing SIP/STP/DTP instalments will be paused till further notice.
Investments to be made by designated employees in line with para 6.10 of SEBI master circular no. SEBI/HO/IMD/IMD-PoD1/P/CIR/2023/74 dated May 19,2023 (on alignment of interest of designated employees of the asset Read more on economictimes.indiatimes.com